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The medical image analysis market has been forecast to increase at a compound annual growth rate (CAGR) of 7.2% over the next five years, increasing from a value of $1.7 billion in 2012 to reach a market value of $2.4 billion by 2017.
Growth within the medical image analysis market is predominantly fuelled by the standalone software market which is accelerating at a faster pace when compared to the integrated software market, which is moving at a stable rate.
The market has seen a boost since the IT revolution in healthcare, but is still dominated by OEMs. Many smaller players are making efforts to make a mark in the medical image analysis market, but the major revenues are generated through supplying services and programs to the OEM.
Software has become the work horse of any machine or equipment used in today's world, medical devices are no exception. Software is used in the medical industry for varied purposes such as training, viewing, storing data, sharing data etc; thereby increasing the efficiency and effectiveness of medical procedures.
The global medical image analysis software market is growing at a higher rate when compared to the equipment market. The image analysis software market is driven by higher demand for diagnostic procedures globally, technology improvements and demand from the consumer end.
Major players within the medical image analysis market include GE Healthcare (UK), Siemens (Germany), Philips (The Netherlands), Toshiba Medical systems (Japan), Agfa healthcare (Belgium), etc. The smaller players include Claron Technologies (Canada), Care stream Health, Inc. (US), Medviso AB (Sweden), Merge Healthcare (US).
For more information on the medical image analysis market, see the latest research: Medical Image Analysis Market
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